ARTICLES LABELLED WITH TAG Hungary

CTP has recently announced new leases and development completions, in addition to ambitious plans for future expansion, in the Budapest region of Hungary and Northwest Bohemia and Moravia in the Czech Republic.

Atenor announced that its latest large-scale Budapest project, Aréna Business Campus has secured its first two signed lease contracts for the first building. More than 700 sqm ground floor area has been leased to Costa Coffee and a medical centre, one year prior to the building’s handover.

Hungary’s investment market peaked in 2017 but a solid €1.8 billion was transacted in 2018 with local investors closing 65% of purchases on the buyer side. Property Forum summarised some of the key market trends presented at CBRE’s yearly Re-View business breakfast.

Hungarian developer Wing has announced the acquisition of several buildings in Budapest’s Infopark office complex. The seller was Lone Star Funds – Hudson Global Advisors.

AEW’s Europe City Retail Fund has acquired a 3,000 sqm mixed-use building in the centre of Budapest for around €18 million. The sellers of the high street building were the Pallas Athéné Foundations, created by the Central Bank of Hungary.

Hungary’s Horizon Development has been granted a development loan by UniCredit for its ongoing Szervita Square mixed-use development in the centre of Budapest. At the same time, the developer has pre-leased all four office floors (8,500 sqm) of the project to coworking space provider Spaces.

According to JLL, CEE's real estate investment transactional volume for 2018 was in excess of €13.23 billion and recorded an 11% increase over 2017 (€11.92 billion). JLL has registered continued appetite from investors for the full range of assets across the entire region. Poland smashed its previous record volume set in 2006 (€5.05 billion) with a spectacular €7.2 billion traded, and secured a massive regional share of 54%. Poland was followed by the Czech Republic (€2.51 billion - 19% share), Hungary (€1.85 billion - 14%), Romania (€900 million - 7%) and Slovakia (€820 million - 6%).

The Budapest office market enjoyed a dynamic year in terms of gross take-up, equating to nearly 535,000 sqm of office space transacted, effectively in line with the record year of 2015 which saw circa 538,000 sqm.

Codic International, a Brussels-based developer, announced that construction has commenced on the office component of Green Court, their latest mixed-use development to be realized in partnership with the Hungarian Pesti Házak and the Austrian Venta Group. The project is located in Budapest on the Váci office corridor. The project incorporates Green Court Office, a 21,000 sqm GLA premium office development, and Green Court Residence, comprising two residential buildings with 275 apartments. The apartments will be occupied by the end of this year, and the office project is scheduled to be handed over in Q4 2020. Colliers International and Jones Lang LaSalle have been appointed co-exclusive leasing agents for the office development.

Total demand on the Budapest industrial market amounted to 105,070 sqm in Q4 2018, marking a 51% decrease from the figure noted in the same period last year. The Budapest Research Forum published its quarterly industrial market analysis.